In the 21st century, despite the advent of the 10-ruble coin, we use the term “chernovets” ever more rarely. Let’s recall the history of this monetary unit. The Soviet government’s first monetary reform was held in 1922-1924. Two redenominations were simultaneously conducted to appreciate the face value of Soviet bills – the paper currency unit issued by Narkomfin to cover the budgetary deficit.
Then there appeared the famous “chernovets” – a banknote which was secured by gold and the assets of the Russian State Bank. Beginning from November 27, 1922, there entered into circulation banknotes with the nominal value of 1, 3, 5, 10 and 25 chervontsi.
It was indicated on the back that one chervonets contained 8.6 grams of pure gold and that the “start of exchange is set by special government act”.
Simultaneous with the issuance of paper chervontsi, the decision was made to issue gold ones in the form of coins. In terms of the weight characteristics (8.6 grams, 900 carat) and dimensions, the chervonets was fully commensurate with the prerevolutionary 10-ruble coin.
Gold chervonets of the 1923 model: the author of the picture was the main medalist at the currency mint, A. Vasyutinsky (who also authored the final version of the order of Lenin and the first GTO badge). Depicted on the coin’s front was a peasant-sower, while on the reverse side – the RSFSR crest. All chervontsi from this period are dated 1923. The metallic chervontsi were mainly used by the Soviet government for external trade operations, although some of the coins were circulated inside Russia. The coins were usually issued in Moscow and distributed form there across the country.
In 1924, after the advent of the USSR, it was decided to issue coins under a new model, on which the RSFSR crest was replaced by the USSR crest.
The abandonment of the metallic chernovets is explained by the fact that the country’s financial system was strong enough to abandon the free circulation of gold. Furthermore, abroad settlements in gold coins were abandoned in favor of gold bars or foreign currency.
It was only in 1975 that gold chervontsi started to be minted anew. In 1975 the USSR Government bank (today the Central Bank of the Russian Federation) issued 250,000 coins, and in total during the period from 1975 to 1982 minted 6,600,000 coins.
Today the gold chervonets is a so-called investment coin, which can only be bought from banks. The advertising stooges believe that such a piece of gold will provide the ideal birthday gift for the weary moneybags who already have everything. It’s curious that the chervonets dating from the 1920s is today valued at 75 thousand rubles, while the Soviet one from the mid-70s – approximately 11,000 rubles.
A formidable sum for those fond of nostalgia…
Andrei Severtsev
